Pages

Monday, 7 August 2017

Bitcoin soars to record high value, following a month of turmoil

Bitcoin's value has jumped to a record high, following a month of turmoil.

The virtual currency reached $3,451.86 (£2,651) per coin in Monday trade, according to the Coindesk Bitcoin Price Index.

It had never crossed the $3,000 mark until the weekend. The market value of all bitcoins in existence has now surpassed $56bn (£43bn).

The surge followed the creation of a spin-off crypto-currency, Bitcoin Cash, last week.

The new asset is trading well below the peak price of $727.54 (£557) per coin it attained on 2 August.

However, Bitcoin Cash's future does appear to be more assured after Coinbase, one of the leading exchange and wallet services, promised to support it after previously refusing to give such a commitment.

"We are planning to have support for Bitcoin Cash by 1 January 2018, assuming no additional risks emerge during that time," it announced on its blog.